Market Timing Takes Toll
On Money-Market Funds

By

Allison Bisbey Colter Dow Jones Newswires

Updated Dec. 3, 2003 9:29 p.m. ET

NEW YORK -- Stock- and bond-fund managers weren't the only ones grappling with the effects of market timing at Invesco Funds Group. Managers of the firm's money-market funds, which invest in short-term debt instruments, also had to contend with large sums flowing in and out of their portfolios.

Investors who entered into special arrangements to make frequent, short-term purchases of Invesco stock and bond funds agreed to park their...